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February 09, 2016 1:59 AM ET

Commercial Services and Supplies

Company Overview of Consumer Financial Protection Bureau

Company Overview

Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.

PO Box 4503

Iowa City, IA 52244

United States

Founded in 2010

Phone:

855-411-2372

Fax:

855-237-2392

Key Executives for Consumer Financial Protection Bureau

Chief Financial Officer
Chief Operating Officer
Acting Deputy Director and General Counsel
Assistant Director of Mortgage and Home Equity Markets
Compensation as of Fiscal Year 2015.

Consumer Financial Protection Bureau Key Developments

Consumer Financial Protection Bureau Announces Executive Changes

The Consumer Financial Protection Bureau announced that Mary McLeod will join the Bureau as General Counsel, upon the departure of current General Counsel and Acting Deputy Director Meredith Fuchs in early 2016. Mary McLeod has headed the Office of the Legal Adviser of the U.S. Department of State since January 2013. As the senior career attorney in the Office of the Legal Adviser, she advised the Secretary and other senior officials on all aspects of the Department's legal work.

The Consumer Financial Protection Bureau Took Action Against EZCORP, Inc

The Consumer Financial Protection Bureau took action against EZCORP, Inc. for illegal debt collection practices. These tactics included illegal visits to consumers at their homes and workplaces, empty threats of legal action, lying about consumers' rights, and exposing consumers to bank fees through unlawful electronic withdrawals. The Bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, pay $3 million in penalties, and stop collection of remaining payday and installment loan debts owed by roughly 130,000 consumers. It also bars EZCORP from future in-person debt collection. In addition, the Bureau issued an industry-wide warning about collecting debt at homes or workplaces. The CFPB found that EZCORP collected debts from consumers through unlawful in-person collection visits at their homes or workplaces, risked exposing consumers' debts to third parties, falsely threatened consumers with litigation for non-payment of debts, and unfairly made multiple electronic withdrawal attempts from consumer accounts, causing mounting bank fees. The CFPB alleges that EZCORP violated the Electronic Fund Transfer Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act's prohibition against unfair and deceptive acts or practices.

Consumer Financial Protection Bureau Pushes Back in PHH Lawsuit Over Marketing Agreements

Consumer Financial Protection Bureau is pushing back against a lawsuit from PHH Corp. that claims the agency erred in overturning an administrative law judge's recommendation to limit the amount of penalties it could face. An administrative judge ruled that PHH had to disgorge $6.4 million for its involvement in an alleged reinsurance kickback scheme. But CFPB Director Richard Cordray overruled the recommendation, claiming it was too lenient for violations of the Real Estate Settlement Procedures Act. After PHH filed suit in the U.S. Court of Appeals for the District of Columbia Circuit, the CFPB fired back in a filing last week in which it said a disgorgement that low would not effectively penalize the lender. It is seeking to force the company to disgorge $109 million, the total amount of money the agency claims lenders received from the kickback scheme. PHH could not be reached for immediate comment. However, the mortgage lender previously said it disagrees with the CFPB director's ruling.

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